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is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
is trying to shoot down this tax on a medical device maker. >> the medical device packs is something that is a pretty bipartisan bill. you will not see a lot of bipartisanship there. dagen: brad, final word. do we really know what this will cost us as a nation and individuals? >> we look no further to the entitlements that the government had to perform before obamacare. medicare, renegade is going bust on its own. we created a whole new entitlement program where we could not even administer properly and provide the coverage to those already admitted. it is on a pathway to unsustainability unless something is done to change those programs. i have no confidence that obamacare will have any more success than the two programs i mentioned. dagen: thank you both. the well. connell: senators getting set for a marathon with back-to-back voting. they will be voting on amendments that protect the budgets. dagen: rich edson is live in washington, d.c. with more. rich: most of them are designed to get the other party to take difficult votes. the republican amendment drew more than 30 democrats i
's implementation, the bulk of the taxes are in effect. the benefits and mandates kick in next year. tracy? tracy: clearly, already seeing effects. cvsments you on the scale and tell them how fat you are. you talked about the debt ceiling, what did he say about that? >> i did. one of the next fights comeing up here, we could expect to hit the ceiling this summer in august. he says we're not going to agree to raise the debt ceiling without doing something about entitlements. mcconnell says this brings the president to the table so republicans want an equal number of cuts or more cuts than whatever amount they agreed to raise the debt ceiling by. mcconnell says it's got to come from entitlements because you can't do enough of what we've seen so far, discretionary spending. tracy: they want us off the beach in the summer. we'll have another debt ceiling fight, be here in august sweating it out again. >> yeah, can't wait. tracy: i know, me too. rich, take the vacation now, thanks. >> yeah. tracy: ha-ha, okay, you may want to sit for the next story. members of congress workedded together and passed a
in the mine. the amazing thing is that although the central banks have been taxing myself deposits, giving negative interest rates and by a depreciating currency, like 26% depreciation in last 10 years, the ecb would come out so openly. that is the shocking thing. and of course, people should be very worried about what happened in argentina. they froze deposits and withdrawals so that this could spread. as we look at the united states and europe and the way that the politicians are running the show, it'd heading for disaster. as simpson-bowles said, it is a cancer. there is a time when bank deposits will be threatened if we continue even if the united states and europe -- people go to banks today thinking that it will be okay to. neil: that is a good point. not that it would be imminent or a near-term threat. but the fear is, here is a vulnerable little country where this is looking like a real fear. what about greece? what about portugal? >> i mean, this i a western country. the last i heard is that europe is part of the west. >> what is your fear? my fear is that if things go awry in thi
with mandatory spending or comprehensive tax reform. that is what it will take. neil: do you think that bernie marcus, the home depot cofounder, was telling me on fox news, the spenders are using a pr war, the strong stock market, improving economic numbers as jusjustification for more spend. >> i don't buy that, i don't think that the stock market is as pro efficient -- prefish ent as people think, we don't need to been the budget, the way that the government calculates a balanced budget is a bad joke, we do have to do, we have to start treating the disease, deal with health care costs, deal social insurance programs. neil: they are not. they might -- but remind me,er day they don't, a new pore added to our -- a few more added to our debt. all unfunded. >> that is right, that is what we need. >> you local starkest terms. >> the full view, if we look at big number, over 70 trillion, if we end up doing -- >> how does that work? >> debt held by public, held by social security medicare trustee fund, and pensions unfunded, arrange of commitment contingency, and unfunded social security and medicar
to identity theft, especially during tax season. >> announcer: every year, millions of americans learn all it may take to devastate your life is a little personal information in the wrong hands. your identity needs protection, and no one does it better than lifelock. >> identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. >> announcer: lifelock offers the most comprehenve identity theft protection, period. and lifelock ultimate was named "best in detection". lifelock's 24/7 proactive protection alerts you as soon as they detect an attack within their network, before it's too late. lifelock protects your social security number, money, credit, even the equity in your home. while identity theft can't be completely stopped, no one protects you better than lifelock. and lifelock snds behind that with the power of their $1 million service guarantee. you have so much to protect and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk-free. 60 days risk-free! use promo code: taxrefund. order now and get th
about the professional caucus. that group wants the following raise income tax rate for billionaires to 49%. to eliminate many tax deductions for high wage earners in america. to tax investment income at the same rate as wages. that means if you make money on a stock and you are a rich person, you pay half your profits to the government. there is a bunch of other stuff the cpc wants including massive amount of new spending. many folks including me think this would absolutely destroy the american economy. with me is david callahan from a liberal think tank. let's take the rate for billionaires. and then they want 45% for millionaires, right? number one, i don't quite understand. i guess billionaires and millionaires would have to hand over their personal portfolio information to the irs? that would have to happen, right? >> the idea here, bill, is that donald trump and his dermatologists shouldn't be paying the same tax rate. right now, after 39 percent, everybody who makes more than $400,000 a year pays the same rate. so, it doesn't make sense that a dermatologist making $425,000 a y
to be a temporary hike of taxes on but made them perm innocent locking in place an 8.8% top rate that could have new york's most productive residents taking eyes, and it's could take a hike, but will. i was thinking of that, will burr, it's another 9% on the top rate, close to 40%, half writeoffs saying nothing of the other taxes. you're paying 50% in taxes right out the gate. what's the deal? >> well, it's disappointing in that the business community, and the temporary increase part of the overall -- neil: must have known it was not temporary. >> well, no, we believed it would be, and went along with it as part of the overall reform, and he did make some good reforms, but this one is quite different. as far as i can see, this is paired with the $350 check being dulled out to sort of upper middle class people, and then -- neil: robbing peter to pay paul. >> yeah. neil: you think you were snickered? >> a direct money transfer from people in one income bracket to people in another income bracket. neil: so here you were trying to be pragmatic of this, this guy might be a different type of democrat, unl
on public servants, wasted money spent in the financial crisis and the only thing is higher taxes. >> there is an oversight of spending tax dollars, we have known that for a while. with the story with school superintendent, national average 162,000 to be a school superintendent but some of these guys are running half a dozen schools, less than a million students, some of them are making 200,000 or more. it is amazing there is no transparency, little oversight for the public servants will scream about the private sector. look to your own backyard. charles: the same ideology that argues about corporate salaries uses that as an excuse to bump up their own salaries. digging a were using to bump up your salaries? connell: thank you, charles, appreciate it. dagen: i am taken mcdonnell. connell: i am connell mcshane. thank you for joining us and this is what is keeping washington up at night. preventing a budget deal from happening. dagen: a big day for bernanke and company. is it time for the central bank to pull back on the bond buying? connell: and the taiwan factory making the recall
of bankustomers are blowing their talk, with talk of a 10% tax on deposit the money, has a lot of angry customers storming the atm machines but the government has closed banks to avid a bank run, a keeping them close until they sort this out, but the tax is till coming. for cyprus it is about the cost of staying in the euro club, never mind how average i citizes there are getting club. but this is about taxing assets there. something with which we should all be very familiar here. no uncle sam has not hacked into our bank accounts -- yet, but he made a b-line for our other assets like next time we try to sell our home, and obamacare wants 3.8% of the profit for medicare tax. juss like it is tacking medical devices for what it deems exception atrogen -- generous healthy insurance policy. so what is such a big leap going from hitting you up for dollars off fur devices, and hitting you up for dollars off your deposits. none, i tell you cyprus is not isolated. i am telling you, cyprus is a test case, it is starting, it was not only liberal the world over watching. now big brother, everywhere salivati
at as nation's governments weighs a new bank account tax. there would be a 3% tax for deposits under $100 thousand euros, and a 10% tax and 15% tax for amounts larger than 500,000 euros, country central bank declaring a holiday until thursday, when they vote on the plan, this is sparking investor fears at home, joining me now lance roberts, host of street talk live, and xena. partner and cfa, welcome all, great to have you here, lance, i'll start with you, i have to assume some wealthy individuals are having questions about safety of their money, have you gotten any calls, are you expecting any? >> i'm not expecting any but i would not be surprised to see people talk more about this in next few days it is very late tonight anyway it looks like they will preserve the under $100 thousand mark and go after larger deposits, but the question, here in u.s., could it happen here? probably not. but the question is, ha hasn't t already happen with standpoint feds suppressing interest rates, that is the rate less than inflation, negative interest rate it has already happened here. gerri: let's go t
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
. it's going to open us up and it's serving iranians, but not a penny of tax increases. no way. in that political environment, it's an unrealistic thing to expect any kind of grand bargain and we don't want to hold short-term economic policies hostage to having this grand bargain that i'd love to see but isn't going to happen right now. >> let me ask you about the last graphic about japan. japan looms large and you spend a lot of time working on it. you came to my attention first when you wrote a book about the, you know, japan-style depression economics and the age of diminished expectations. >> no, japan was the full-scale dress rehearsal for what we're going through now. japan is, people who were studying japan in the 1990s are the ones who are dreading what actually happens. >> when you look at japan. one thing you say, you're glad that the fed, the japanese central bankers finally doing something, but you often argue that japan didn't do enough in terms of stimulus. i want to show you japan's debt to gdp. and, you know, if this isn't enough, then what is? look at what japa
kind of tax or sees sure of deposits. if approved it could give everyone in the country a bit of relief. basically insuring what is being proposed in cyprus really can not happen here. joining me with details is the cosponsor of the resolution, republican congressman tom coal from oklahoma. congressman, thanks for coming on the show. >> thank you. melissa: do we really need a resolution to protect us from this? is there a danger this would happen, do you think? >> people in cyprus probably thought the same thing a couple days before it happened. do we really need to worry about this? i think we ought to make sure. and look, i don't think it would happen, i will be honest with you. i think, most of our regulators understand how counter productive this is, how it will destroy confidence. it will give people not to put money in safe places like banks. but we ought to reassure people and ought to send an unmistakeable sign to our own bureaucracy, that congress wouldn't tolerate something like that. melissa: has there been talk doing something like this or could you see it happening? i have
on the failed idea that giving another round of tax cuts will somehow triple down and lift up all the other boats. we know that has not worked. peter: the senate starts its votes on its budget tomorrow. i will start here before i talk about easter bunnies and march madness. connell: we do not want that, peter. we never want you to get into trouble. dagen: that does not get you into trouble with us. we go as far as talking about audio parts. right now we want to talk about funding the government. 68% of americans say it is a problem. connell: monica crowley is here with us today, as is leo kelly. interesting because of what we have seen in the stock market. today, with the market pulling back with all-time highs, it is not really about the stuff peter is reporting about. >> cyprus, his little country that no one really was paying attention to a couple weeks ago certainly has no whole world turned upside down. what the market has really come to expect from washington is delayed until the last minute, but come up with a resolution. the threat goes away each time they do this. dagen: speaking o
significantly. has he lost leverage with republicans? what does that mean for whether your taxes are going up? >>> and stephen colbert talks about his stistister running fo office and is talking about being white racist of itself. a war of words over race in america tonight. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. >> announcer: did you know there are secret black market websites around the world that sell stolen identities? >> 30-year-old american man, excellent credit rating. >> announcer: lifelock monitors thousands of these sites 24 hours a day. and if we discover any of our members' data for sale, lifelock is there with the most comprehensive identity theft protection available. [♪...] [squealing, crash] call 1-800-lifelock or go to lifelock.com today. you will
, you know the ones whose salaries you pay, owe 3.5 billion dollars in unpaid taxes and employees skipped out. and help may be on the way. and house committee jason chaffetz, a member of that committee is here. >> thank you, greta. >> greta: what's on the way? we pay the salaries of the federal employees, but looks like a pass when it comes to taxes? >> look, if you don't pay your federal taxes, you should be fired. that's what the bill does. if you're trying to make whole on this and going through restitution, great, you're fine, but we have 107,000 current federal employees on the federal, you know, being paid by the taxpayers that have serious delinquent tax debt and we have to fire those people if they refuse to pay their taxes. >> greta: when you're talking about what kinds of numbers. 3.5 billion is the total. and your bill omits members of the military. >> military, we have a different situation, they deal with hardship, some of retirees. but you have 688 people working on capitol hill in the house and senate and you have 40 people working-- >> and now their names. >> we kn
about cyprus and what they'r they are doing, thet off this decision to tax or confiscate the bank accounts, but what happens now? how will they please those at the imf and the european union? big questions remain and that is why you see the red arrows. but just squeezing out a gain for now. lauren: investors also applied to the safety of u.s. treasuries today rallied for a third day pushing the yield on the 10-year note to a two-week low. david: without the fed announced what they are going to announce on wednesday. oil closing below $93 per barrel, this is the first fall for crude in four sessions, dropping 1.7% settling at $92.16 per barrel. lauren: and you have to look at the retailer's underperforming the market today especially the key names. american eagle, abercrombie and fitch, all falling greater than 3%. david: the stocks are much the same. rejecting the confiscation of bank accounts but there are things going on here in america that are not as friendly. the chief research officer joining us with a disturbing new report, one that shows the united states is falling behind
their carry-ons with them? if you are tired of washington's high taxes and big spending here is one way to stick it to the man >> tom: okay, you go first. i'll be right behind you. i have seen a lot of tax protestors and they do put them in prin when they don't pay their taxes. yes, people go to jail. i'll let you fight the battle first. thanks to everybody that contacted the show. keep your comments coming in. tom sullivan show, we're open for business 24/7. check out our facebook page, and then tom sullivan show. there is a lot of tom sullivan show, you can follome on twitter at sullivan radio and all the things to contact us on the web my main webpage which is tomsullivan.com. thanks for joining us. make sure to tune in to the radio show. listen in through our fox news radio app. download it from itunes. you can hear us online by clicking live button on my main website. we or radio every day from 3:00 to 6:00 p.m. eastern time. we'll have another great show lou: good evening, everybody. thank you for joining us. the dow jones industrials three consecutive record closes in did today a
now, speaking of cyprus, the idea of confiscating people's income after already been taxed sent a chill far beyond cypress. could that happen here? that is question we ask steve forbes, fox chairman and editor-in-chief. he has thoughts on that you don't want to miss coming up on the "countdown to the closing bell" -- "after the bell" [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
's so many obligations so many new taxes associated with it. it's incredibly expense simple. it was supposed to lower the cost. it has raised the cost of the premiums for average family, and in the neighborhood of $5,000. this is a disaster. and the real question is, will anybody have the honesty to own up to the fact this is a disaster and saying can we start over again and do this in a reasonable way and get the voices of people who actually know something about how to save money involved? everybody agrees that healthcare reform is necessary. but it needs to be done the right way. neil neil do you think it's too late for that? that this sort of medical ship has sailed and despite all the problems, i don't see the administration trying to draw it back. paul ryan wants to rescind the whole healthcare program and start fresh, but that's unlikely. so given that distinct possibility, what are we left with? >> well, i'm not as pessimistic as you are. i think there is just a slight chance that maybe some people who have pushed this thing forward, can stop for a moment and instead
plus tax increases and have net spending increases and when he you have a trillion dollar deficit, we need to work on our spending and when the other side is offering even more spending increases and even more tax increases, more borrowing, we're still kind of worlds apart. >> greta: i went through the budget and it's very complicated, at least i think it's complicated. and i want to go to different provisions i understand. let me start with medicare. under your program it doesn't affect anyone over age 55. >> if you're born in 1958 or earlier, it doesn't affect you. meaning you stay in the current medicare program just as it's designed now. in addition we get rid of the obamacare independent payment advisor board. the board of 15 bureaucrats next year in charge of cutting medicare in ways that medicare will lead to denied access to current seniors so we don't think we should change medicare for current seniors, which is what obamacare does, we propose a new system for younger people that works like what we have in congress. >> greta: and as i understand it, there are two choices unde
romney has not paid taxes for ten years, he's got a record of this slander and these lies. >> happy wednesday, sean. look, this is a majority leader in the senate that's gotten caught lying many times and when the marine corps says that what he is saying is unsubstantiated, they're saying he's lying again. harry reid has made a habit of being dishonest on the floor of the senate and what he is trying to do is just cover the president's butt on sequester. the president himself started to cover his own butt by playing such silly games as shutting the white house tours down. this is just another version of that. remember, donald trump offered to pay for all those white house tours. >> sean: whoa, whoa, whoa. >> and the president didn't take him up on it. >> sean: and wait a minute, i offered to pay for a week after eric biology golling got start started. by the way, it's off the table, i pay enough in taxes. >> you and bill maher. >> sean: yeah, he's even sick of paying taxes and california democrats are losing him. gee, time to wake up, bill. but here is my point: these democrats get
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
've never paid taxes in my life, no one wants to hear that kind of talk. warner: the irs just heard you and you will be hearing from them, man. . >> idiot. warner: very good, nick. connell: good one, nick. imus: never paid taxes in my life. okay. well, what else, warner, anything? >> well, my time is up, thank you. imus: your time is up. wilson pickett would have been 72 years old today. of course, he's not. he did record this before he left us. ♪ mustang sally ♪ ♪ guess you better slow your mustang down ♪ ♪ what i said now ♪ ♪ mustang sally now baby ♪ ♪ oh, lord, guess you better slow your mustang down ♪ ♪ oh yeah, you been running all over town now ♪ ♪ oh, guess i have to put your feet on the ground ♪ ♪ what i said now ♪ ♪ imus in the morning ♪ >> legalized theft in a country you barely heard of and your money takes a hit. good morning, everyone, cyprus is the country. the seizure of private bank deposits is the issue. europe says, if you want more bailout, you cyprus people, then everyone with money in cyprus must pay a tax on all bank deposits ha
-called vice taxes. you have probably heard the sequester cuts go after about $44 billion in this fiscal year. let me give you a sense of this. taxes on tobacco and alcohol and gaming, gambling, lotteries, generated together $75 billion compared tough sequester, that taxes are doing a very powerful job. that is, federal, state and and local revenue. two states, two states have legalized the recreational use of marijuana. they are colorado and washington . colorado collects more than $5 million in sales, $5 million in sales from dispensaries, pot dispensaries, marijuana. washington is reportedly collecting some $750,000 in taxes, although they have been having trouble getting dispensaries registered with the state. it is affecting their revenue. pot smokers procrastinating. hard to imagine. well, regarding that $13 billion pornography industry, 13 billion. california is earning about $36 million per year just in revenue from the porn industry. it's worth about a billion dollars overall to the economy, just in southern california. we we are on the subject of sex in addition to the so-called vic
melissa: welcome. i'm melissa francis. lori: i'm lori i i rothman. voting to delay a tax on the bailout, and now there's reports the finance minister is stepping down. we have reaction with the trading president, the former cypress trade representative to the u.s.. he'll be joining us. >> treasury secretary jack lew meeting with the chinese president on the agenda of growing concerns about china ease role in cyber attacks. melissa: targeting seg represents in new york a week after a judge rejected the ban on large drinks. we get the verdict with the judge andrew going after soda, ear buds, cigarettes, what's next? seriously. lori: only can guess. it is back down to the floor, new hour here on "markets now," and i know cypress is driving action again today. >> it is. we are seeing headlines that the president will be talking with angela merkel, obviously, another development pertaining to what we see in cypress, which then, obviously, really rules the e.u. markets and our markets here at home. yesterday, for example, we lost a lot of money in the global market with all the
, the senate votes to repeal an obamacare tax. there's a headline for you. good morning, everyone. it's the medical device tax and the vote to strike it down 79-20, overwhelming abipartisan, the it helps to fund obamacare, upwards of 40 million people will face huge health insurance cost increases next year. could it be that obamacare is unravelling? don't forget cyprus, civil society is unravelling there. they're running short of gas and basic supplies and they've got 72 hours to come up with big money or else. don't worry, stocks will be up again just a few minutes from now. "varney & company" about to begin. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. sta
introduce $20 billion in additional taxes this year and $40 billion in new taxes next year. so the deficit under the democratic senate budget proposal which only thing we've got at this point, calls for more spending and more taxes and bigger deficits. that is not where the american people are. recent polls this week showed that 55% of the american people favored the republican budget plan. if you took the word republican off of it and simply described would you support a budget that balances the budget and raises no taxes and cuts $5 trillion of them favor that 55% to 24% that budget that would raise taxes by a trillion and cut spending by hundred billion and not balance the budget which is what the democratic budget calls for. >> greta: we are 18 months out from the 2014 election. we have the house has passed a budget and senate has passed a budget. it will go to a conference for reconciliation. both parties have made it sent tral focus of 2014. it is a signal they are more interested in winning and making sorted smear each other's face with each other budget rather than drawing common g
. the european nation wants to tax all bank deposits up to 10% in order to secure a $13 billion bailout for the government. this move is unprecedented, it would basically allow the government to skim the bank accounts of every single person who makes a deposit into a cyprus bank account. if that is not enough, the country has closed all banks until thursday so if the decision is made there will not be anything anybody can do if they have money in the bank. now the world is bracing and waiting. what you should do with your money and with the impact could be. so excited to have you on tonight. university of chicago professor. what a team. let me start with you because i want you to set the scene for us because some people hear this and i think of cyprus is a tiny island, who cares. this could set off a chain reaction around the world, tell me why. >> if you have your bank deposits in another country that is shaky, italy, spain, portugal, and greece, you will say in my the next in line? so what we will be looking for over the next week or at any time or attention turns to a potential crisi
, no one read it before it was passed, and there's quite literally a trillion dollars worth of taxes in the affordable care act. it's underappreciated, there's a tax increase on the economy to turn into big job growth impacts and turn into big cost of insurance impacts, and that's what the fee is for, it's there to get the startup of the new exchanges going and to ensure the high cost paicialghts are covered into the insurance products. gerri: what's interesting because there's a lot of people asking for exclusions already, and am i surprised that thedownon representing auto workers doesn't want to pay this. boeing, as i mentioned before, they are asking for exclusions. suspect this is case where virtually anybody with more than say a thousand employees is going to be knocking on the white house doors asking for personal consideration? >> we, of course, you would. this is a cost of doing business, going to be substantial, and unanticipated cost. we saw this with all the regulations that have been put in place to make obamacare go. one by one, they show up and ask for exclusions becau
, in the ryan budget takes the taxes and repealing obamacare. what is happening is the complete integrity of our financial system is being called into question. we have the fed printing day and night to provide the monetary support for these fiscal policies, and to hear republicans say, the speaker of the house say, this is not an immediate debt crisis. what the hell does one look like? >> neil: makes you examine, were they trying to say -- calm people down into thinking we're not going to followed like this hour or this day. but by saying not immediate, and agreeing with the president, they give him a negotiating edge. the president says this isn't really like a right-now threat. up to now they've been saying this is a right-now threat. >> i don't think boehner believes it is. i think he has been around a long time. the think he has participated in this for a long time. i don't think he would use this as a crisis, and it is a crisis. paul ryan was on my program over a year ago, and he said we have two years. well, that's over a year ago, so i guess we have about ten months, and i'm surprised at
me. it's outrageous what we're paying. >> taxed out the wazoo, are liberals wavering on support for the president's policies? and we have your back, america's support for israel is unprecedented. >> does our greatest ally in the middle east trust the president? >> and why he won't enforce a tough state gun control law and break through artist of the year, and they rock the house with the governor. >> ♪ ladies and gentlemen, governor mike huckabee. [applaus [applause] >> thank you. thank you very much. we've got a great lively audience and a fantastic show lined up for you. welcome to huckabee from fox news studios in new york city. who would have thought four months after liberals were dancing in the streets over president obama's reelection, they're now crying in their beer and some of them don't even drink beer, but they started because they are now realizing that their taxes have gone up. way up in some cases and obamacare, which was supposed to save them $2500 a year is busting their budgets, as the cost of their health care is soaring. ultra liberal comedian bill maher m
trade that stuff and make money off of it if you buy enough quantity. it is triple tax-free. anything related to california, municipalities, people are buying them. they are buying them at discount and they are trading them. they are clipping the coupons. do they hold them until maturity? maybe not. here is one more, yankee stadium that that was issued to basically build the garage, again, buying with pennies on the dollar. you do not necessarily hold it until maturity. this is a trade. trade detail risk. big risk here. you can make some money. >> i will follow your advice and not go into this market. california, basketcase when it comes to taxes. it seems too low if they are trading at pennies on the dollar. charlie: it is the real distress stuff like this west virginia tobacco bonds. why aren't the tobacco bonds distressed? when you raise taxes, people will not smoke. they will not pay the taxes. as a trade, you can make some money. jon corzine rolled the dice with short term, i it was italian bonds and spanish bonds. his dad turned out money good. people lost confidence in his abil
. lower taxes on rich people, not lower taxes for everybody, right? they don't like taxes, but letting the payroll tax cut expire was in fact their policy. lower taxes in general. lower taxes on richer wealthier americans. cutting social programs. entitlements they go back and forth. medicare they go back and forth. you remember mitt romney and paul ryan ran in the election as they were going to stop the democrats terrible intention to cut medicare, then paul ryan got back into the house and writing a budget he kept all those cuts and added new ones and had more added into this is program. the real shock in recent weeks or real frustration trying to covers the budget debates. republicans cover five issues, they want to cut the budget deficits and cut defense spending and simplify the tax code and lower tax rates. in a deal with president obama they could get the first four, more deficit reduction, protect defense, the democratic president would get some cover in cutting medicare and social security and they could simplify the tax code by taking out expenditures. they are now saying the
with your 401(k)? well, over the weekend, european policymakers agreed to bail them out by imposing a tax on the savings accounts of people who live there. that's right. they're actually taking the bailout money directly from people's bank accounts. of course, that sent folks running to their atms to withdraw their money, sparking a panic. now there's concern the same thing will happen in other parts of europe. and even though wall street is hanging tough, could the cyprus crisis impact us down the line? tom foreman has a fancy show-and-tell to help break it all down for us. tom, thanks for joining us. i understand why cypriots are worried, but why should americans be? >> because this can rattle your wallet. >> really? >> look at this over here. i start with the rhetorical question. what do shreveport, louisiana, knoxville, tennessee, have in common? they have bigger economies than cyprus. it has over a million people. gdp of about 24 billion. but this place is in big trouble right now, because of the issue of debt. what they have is a massive debt. they're spending more than they have, s
closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sector stories as well, lauren. lauren: homebuilders are one of the sectors. among the best performers today on better-than-expected earnings from lennar. lennar as well as d.r. horton hitting new 52-week highs today. david: sort of a bellwether of the economy, what the economy is doing here and as well overseas caterpillar was the worst performer on the dow. it was only down less than 2%. it did drag down the dow from what it could have been. the company is reporting dealer sales, get this, in the asian region dro
are always trying to protect taxes or wealthy people? is that a problem out there with the rank-and-file voters? >> no, i mean -- i don't think so. i think that's obviously a misperception that's become a real perception by the public. but i think we have to talk about things in ways that people can relate to. i mean, if you're talking about taxes and taxing small businesses, you have to talk about the fact that if -- if -- if our small businessman has to pay more money to the government, then he's going to have less money to pay to his ememployers, and the ememployers will have less money to send kids to the school of their choice. i think it's a matter of talking about the debt differently. not just we are in imminent danger in a debt crisis in this country. but what does that mean to people? it means that our government is growing so fast and it's becoming so expensive that we're making payments to our credit cards that we can't afford, which means we have to keep -- we'll keep having this debate about needing more revenue to the government. well, that means less money in peo
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
not confiscate it as cyprus tried to do however there are plenty of ways to get at it. taxes, you're forced to invest in government securities and under the guise of the financial systems, yes, it's a valid concern and the bank defenders will not acknowledge it u and we've got the dow up 39, 40 points at the moment, a shrug from the stock market at the moment. >> yes, it is. stuart: you think this has no impact on the stock market, more on gold and banking stocks, you think? >> i think so, again, what it does, it calls into question the integrity of the financial community and that's what central bankers and legislators fear most. it's not the markets themselves, it's fear of the market and fear of stability because that is what drives confidence and one thing that bernanke can't afford to lose right now. stuart: here is what i think might happen. a no vote, the russians step in, europe says we can't have russia, and they step in. >> i think a power play and progression of events, but i would not count out the chinese in this one. stuart: keith fitz-gerald. thanks. the latest proposal from
in response to cypress' plan for a deposit tax. now it seems like we're shrugging off those headlines. now, shares of hewlett-packard and verizon are helping the dow recover some grounds after upgrades from morgan stanley. verizon actually hitting more than an 11.5-year high today. there's the stock, up 87 cents, 48.89, as you can see on your screen. we're not getting any help from financials today. it's the worst performing sector following suit with some of these european banking counterparts. check out some of these euro financial names that are actually trading here in this country. they're getting knocked down. royal bank of scotland, create suisse, deutsche bank, ubs, war clays, all -- barclays, all of these stocks substantially lower in this country. s&p 500, we are still within striking distance of the record high despite moving lower today, the s&p down more than almost five points as you can see on your screen. is it going to happen this week? are we going to get that big number? we're looking for 1565.15. so close. as always. let's get right to our floor show. we've got traders
of what was supposed to be a tax piece. it restores many of the cruel automatic spending cuts. all is missing is a line like thank god for the democrats. then it was also considered a cheese head. it starts out fair and factual enough. under the rhine plan, the government subsidizes it. the only famous unnamed critics who say all of this would mean ever shocking. he is heartless and soulless and probably the double in pinstripes. it is one thing when they say it was all but a sham. it is another thing for them to prove that it is an even bigger sham. they are darn near inbred watching politicians who continue to say that we don't have a spending problem. and one that is only trying slow down the growth of the spending. fair and balanced. try over and out. dick armey says that he is over the top of the house of representatives. i am not saying give republicans a pass. i am saying to treat them equally and with the same ferocity. and i do not. >> thing that is most frightening about what you just read is that this has become the norm. i want to thank you for bringing this up. even ba
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
about taxing deposits into cyprus. that got waves and concerns going. oh my good nist, could this be precedent setting. people said we're overreacting of the the truth of the matter doesn't appear we are. that country is dire straits and desperate for bailout fund. melissa: the limit on atm withdrawals had been double before this. they are trying to go to the atms because the banks are remained closed this thursday and friday. they said they would not open as soon as tuesday. they thought they avoided a run on the bank by not taxing deposits of the they creates their own run by keeping banks closed and they're limiting atm withdrawals. lori: they decrease the amount. melissa: that you can pull out. lori: here in the u.s. your deposits are fdic insured up to $250,000 but, you know we'll see where this goes. melissa: the house approving the senate passed continuing resolution bill, the bill to fund the government past march 27th heads to the president who is expected to sign it. but is this continuing resolution or bandaid approach to funding the government just another example
to kick out cypress? >> anything is possible. you know, i think the outrage over this deposit tax is about the honesty of the approach. if youthink about it, citizens around the world suffer from that tax. in the united states, how long have we had 0 #% interest rates in the united states? how much money have savers lost who keep money in the bank because they have not received interest on deposits all these years? what about prices? because the federal reserve does quantitative eang, food rices go up, gas prices up, and deposits lose value. at least with the tax in cypress, it was more honest. the government up front saying we're going to take your money. we're doing it secretly, and i think the honest approach is better. shibani: they make parallels in cypress, and what you mentioned happens here in the u.s., but the levy on bank deposits, this is what is causing a storm, and it's really getting people upset. are yoconcerned about any kind of precedence this could bring into the industry into europe and what it could do to banking confidence as a whole because when you start to have runs
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